Core One Enters into Loan Agreement with Right Season Investments

Rhea-AI Summary

Core One Labs has entered into a loan agreement with Right Season Investments, dated June 28, 2024. Under this agreement, Right Season has provided a CDN$300,000 loan to Core One. The loan carries an annual interest rate of 15% and is repayable on demand. Core One intends to use the funds for general administrative and working capital needs.

Positive

• Core One secures CDN$300,000 in funding.
• The company plans to use the loan for general administrative and working capital expenses.

Negative

• The loan is repayable on demand, creating potential financial uncertainty.
• A high annual interest rate of 15% increases financial burden.

VANCOUVER, BC / ACCESSWIRE / July 8, 2024 / Core One Labs Inc. (CSE:COOL)(OTCQB:CLABF)(Frankfurt:LD6, WKN: A3CSSU) (the "Company" or "Core One"), is pleased to announce that it has entered into a loan agreement (the "Loan Agreement") with Right Season Investments Corp. ("Right Season") dated June 28, 2024. Under the terms of the Loan Agreement, Right Season has advanced a loan of CDN$300,000 (the "Loan") to the Company. The Loan is repayable upon demand of Right Season and carries an interest rate of 15% per annum, effective from the date of the Loan advance until full repayment. The Company plans to utilize the Loan proceeds for general administrative and working capital expenses.

About Core One Labs Inc.

Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology.

The Company has a multi-faceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.

Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of 4 provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100% owned subsidiary Akome Biotech Ltd., and through its 100% owned subsidiary, Awakened Biosciences Inc., Core One has developed a proprietary method for the production of synthetic psilocybin.

Core One Labs Inc.

Joel Shacker
Chief Executive Officer

FOR MORE INFORMATION, PLEASE CONTACT:
info@core1labs.com
1-866-347-5058

Cautionary Disclaimer Statement:

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The securities to be issued pursuant to the Private Placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with strict regulatory regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and it is a criminal offence to possess substances under the Controlled Drugs and Substances Act (Canada) without a prescription or authorization. Health Canada has not approved psilocybin as a drug for any indication. Core One does not have any direct or indirect involvement with illegal selling, production, or distribution of psychedelic substances in jurisdictions in which it operates. While Core One believes psychedelic substances can be used to treat certain medical conditions, it does not advocate for the legalization of psychedelics substances for recreational use. Core One does not deal with psychedelic substances, except within laboratory and clinical trial settings conducted within approved regulatory frameworks.

SOURCE: Core One Labs Inc.

View the original press release on accesswire.com

FAQ

What is the amount of the loan Core One Labs secured?

Core One Labs secured a CDN$300,000 loan from Right Season Investments.

What is the interest rate for the loan secured by Core One Labs?

The loan carries an annual interest rate of 15%.

When was the loan agreement between Core One Labs and Right Season Investments signed?

The loan agreement was signed on June 28, 2024.

What is the ticker symbol for Core One Labs?

The ticker symbol for Core One Labs is CALBF.

For what purpose will Core One Labs use the loan proceeds?

Core One Labs will use the loan proceeds for general administrative and working capital expenses.

What is the repayment condition for the loan secured by Core One Labs?

The loan is repayable on demand by Right Season Investments.